petroleum production
IndustryReferenced in 3 bills
Royalty Legislation Amendment Bill 2020
This bill overhauls how Queensland calculates petroleum royalties, replacing the old 'wellhead value' system with a simpler volume-based model that applies different rates depending on whether gas is sold domestically, supplied to LNG projects, produced as part of an LNG project, or is liquid petroleum. It also brings mineral and petroleum royalty administration under the Taxation Administration Act 2001 for consistency with state taxes.
Resources and Other Legislation Amendment Bill 2021
This bill makes changes across five unrelated policy areas: it fixes paperwork problems with older mining leases, protects petroleum production leases from lapsing during renewal, scraps a planned transport ombudsman, gives South East Queensland water distributors new enforcement powers for water restrictions, and lets water providers remove cybersecurity details from public documents.
Revenue and Other Legislation Amendment Bill 2019
This bill implements revenue measures from the 2019-20 Queensland Budget. It raises land tax rates on large corporate landholdings and foreign owners, increases the petroleum royalty rate from 10% to 12.5%, adjusts payroll tax thresholds and rates, and provides targeted tax relief for regional employers and businesses that employ apprentices and trainees.